By Paul A. Harris
Portland, Ore., Nov. 24 – Deutsche Lufthansa AG made its debut high-yield notes sale on Tuesday, pricing an upsized €1 billion issue of 3% long five-year senior notes (Ba2/BB-) at 99.39 to yield 3 1/8%, according to market sources.
The issue size increased from €750 million.
The yield printed 12.5 basis points through the tight end of the 3¼% to 3 3/8% yield talk. Early guidance was 3¾% to 3 5/8%.
The deal played to more than €4 billion of orders, a market source said.
Joint active bookrunner UniCredit will bill and deliver. Additional bookrunners were Credit Suisse, Deutsche Bank and Morgan Stanley.
The Cologne, Germany-based air carrier plans to use the proceeds for general corporate purposes.
| Issuer: | Deutsche Lufthansa AG
|
| Amount: | €1 billion, increased from €750 million
|
| Maturity: | May 29, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Morgan Stanley and UniCredit
|
| Bill and deliver: | UniCredit
|
| Coupon: | 3%
|
| Price: | 99.39
|
| Yield: | 3 1/8%
|
| Spread: | Mid-swaps plus 355.9 bps
|
| Call protection: | Callable three months prior to maturity at par; otherwise non-callable
|
| Trade date: | Nov. 24
|
| Settlement date: | Dec. 1
|
| Expected ratings: | Moody's: Ba2
|
| S&P: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 3¼% to 3 3/8%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
